WTW’s master trust LifeSight has reached €2bn of Irish retirement savings as assets under management, it has revealed.

The €2bn of assets are across more than 130 employers as clients of the master trust.

LifeSight stated that growing interest in finding the most efficient and effective options to meet new EU standards about pension transparency and governance was increasing demand for the master trust in Ireland.

Furthermore, Irish employers now also need to prepare for new auto-enrolment requirements, which are due to be in place from early 2024.

Under LifeSight, multiple different employers are able to share the same pension structure, rather than individual structures being set up for each company.

The master trust stated that this approach removes many of the governance and HR burdens on employers that are associated with running a pension scheme, while creating economies of scale to reduce fees and invest in key areas.

“We are thrilled that LifeSight’s success and growth has taken us to this key milestone, and we look forward to helping many more people save for their retirement,” commented LifeSight head in Ireland, Maria Quinlan.

“Employers are preparing for big reforms around pensions, with the expected arrival of auto-enrolment early next year, and they recognise that their staff really value a good pension.

“Many are choosing to join a master trust or to transition into one from their current pension approach. This is a critical time for the Irish pensions market, and we expect master trusts to become the dominant form of pension provision in the private sector.

“Master trusts are proving popular because size and scale are big advantages when it comes to running a high-quality pension. They enable investment in consumer-focused technology platforms, as well as better communications, governance, and investment strategies.”

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